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2013.05.14 EDA Minutes
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2013.05.14 EDA Minutes
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Commissions
Meeting Date
5/14/2013
Document Type
Minutes
Commission Name
EDA
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Arcand asked if the policy is intended to be used in industrial/commercial areas or <br />residential areas. <br />Bryan stated that is focused on commercial/industrial areas. <br />Klein asked Ron Otkin how the City will pay for these improvements, and specifically <br />how the City will pay for the Rosemary Way project petitioned by Len Pratt. <br />Ron responded in saying that the City will develop a finance plan depending on the <br />project, and will use State Aid funds for the Rosemary Way project. <br />Denaway stated that, ultimately, the developer pays 100% plus interest with this policy. <br />The only risk is when the City gets directly involved in the financing aspect. <br />Puleo asked if this policy could be used on smaller residential lots or lots with no sewer <br />or water. <br />Bryan responded in saying residential areas or local streets cannot benefit from this <br />policy. The extension of utilities requires a complicated process. This policy does not <br />restrict anything, rather it guides. <br />Puleo stated that the EDA should consider expanding this policy for other <br />commercial/industrial properties that are not related to only road improvements. <br />Arcand stated that the EDA should look at this policy as a way to attract businesses. <br />Bryan stated that the EDA can make recommendations to the City Council to prioritize <br />certain public improvements. <br />Klein invited developer Len Pratt to the podium. <br />Len stated that he would like to see how this policy could attract more businesses, and he <br />hopes that could be a successful outcome of this policy. <br />Denaway stated that the level of risk is not out of the ordinary for a City to be involved <br />in. He said that he would like two items added to the policy. The first would be the 60% <br />of the Letter of Credit (LOC) to be split between LOC and cash portion to share the risk <br />between public and private. The second item would be to have a third party review the <br />project and financing as a way to take a full look at the situation. <br />Arcand stated that she believes that it is time for the City to be aggressive and would like <br />to see more develop take place. In that case, she is in favor of the policy. <br />Puleo stated that he does not think the policy is expansive enough, and he does not agree <br />to change the policy for one project. <br />Bever asked Len Pratt if the policy meets his needs. <br />Len responded in saying that it does. <br />
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